If there is anything apparent for the crypto market and Bitcoin’s 2018, it is the fact that it is struggling. After 2017’s rise to almost $20,000 for Bitcoin, the crypto market experienced bearish trends. The crypto market has seen Bitcoin to coast just around $6,000 for 2018. And now, Bitcoin is struggling to maintain $8,000. There was even a time when Bitcoin grazed $7,931.43 recently which is the lowest since mid-April.
Despite the fact that Bitcoin’s been struggling lately, it has been able to bounce back above $8,000. This resilience simply means that Bitcoin has built support near this level according to cryptoanalysts. If you will ask Iqbal Gandham, the UK managing director for social trading platform eToro, there is “lots of support at those levels”. The same thing is said by Charles Hayter, the co-founder and CEO of digital currency data platform CryptoCompare. He said that Bitcoin has good support at $8,000.
However, Mati Greenspan who works as the senior market analyst for eToro after doing technical analysis concluded that Bitcoin has the strongest support at $7,100 level.
Though analysts agree that there is support at 8,000, things are still looking up. If you will ask Marius Rupsys, “there might be some support at $8,000 but any price level can be broken”. However, he says that “I would sit on sidelines to see where price goes next”.
In the recently concluded Consensus 2018, it was expected that Bitcoin price along with other cryptocurrencies is going to experience another bullish run. However, this didn’t happen. After which, Tom Lee of Fundstrat Global who earlier predicted a bull run for the crypto market after the Consensus 2018 conference owned up to his failed prediction.
He explained the possible reasons as to why crypto price failed to soar as expected. Lee pointed out that there is a lack in terms of regulatory clarity. And this means that many are still anticipating what the government is going to do next that could affect crypto price. And unfortunately, crypto regulations didn’t move forward during the Consensus.
Next, though there is a positive announcement by Nomura regarding the emergence of institutional custodial tools for cryptocurrencies, there are still a lot of things that should be done. This means that even if investment managers buy Bitcoin, there’s a lot of internal evangelization that needs to be done in order to make things progress.
But is the Consensus really a success? For Lee, he is still quite optimistic regarding the entire thing. He says that “I think Consensus was a huge success. It is a great conference to bring a lot of people together from around the world. The quality of the people that were there was amazing.”
He also commented that “Bitcoin doesn’t have to go up every day to move from $8,000 to $25,000. The ten best days account for all the return of bitcoin in a year. If you didn’t own bitcoin for ten days each year, you lost 25 percent each year”.
Is it still possible to get Bitcoin above $20,000 and reach $25,000? Do you agree with the things that Lee mentioned?